HAMMOND, La., Feb. 01, 2019 (GLOBE NEWSWIRE) -- FPB Financial Corp. (OTCQB: FPBF), the holding for Florida Parishes Bank, announced financial results for the 2018 period ended December 31, 2018.
Earnings
Net Income in the 2018 fourth quarter increased 301% to $669,000 ($0.23 per fully diluted common share) as compared to the 2017 fourth quarter net income of $167,000 ($0.06 per fully diluted common share). For the year ending December 31, 2018 net income increased 268% to $4.7 million ($1.65 per fully diluted common share) as compared to the 2017 period net income of $1.3 million ($0.51 per fully diluted common share). Pre-Merger related expenses totaled $1.1 million in the 2018 fourth quarter associated with the Nov. 6, 2018 signing of an agreement and Plan of Merger between FPB Financial Corp. and The First Bancshares, Inc. Operating Net Income for the 2018 fourth quarter, excluding the $1.1 million of pre-merger related expenses, totaled $1.5 million ($0.52 per fully diluted common share) and $5.6 million ($1.95 per fully diluted common share) for the 12 months ended December, 31, 2018.
The increase in net income during the 2018 fourth quarter was primarily attributed to a $598,000 or 17%, increase in net-interest income. The increase in net-interest income was primarily due to a 22% increase in mortgage loan interest income and a 47% increase in interest income from investment securities. Net income was negatively affected by a $580,000, or 18% increase in Non-Interest Expense. The increase in non-interest expense was the result of a $580,000, or 31% increase in compensation and employee benefits: a $354,000, or 425% increase in professional fees (both the increase in compensation and in professional fees were attributed to pre-merger related expenses, noted above); and a $239,000, or 45%, decrease in Other Non-Operating expenses largely from a $111,000 decrease in advertising expense. Net Income was also affected by a $155,000 decrease, or 18%, in total non-interest income for the 2018 fourth quarter period as compared to the 2017 period. The decrease in non-interest income was due to a $165,000 decrease in mortgage banking fees and $79,000 decrease in SBA fee income. Other than mortgage banking and SBA fees, non-interest income increased by $90,000 in the period.
Revenue (defined as net-interest income and total non-interest income) in the 2018 fourth quarter increased to $4.7 million, or 10.3% when compared to the 2017 period. Pre-provision for loan losses, pre-income tax expense – net income in the 3 months ended December 31, 2018 decreased to $912,000, or 13.1% when compared to the 2017 period. The Company’s Net-Interest Margin increased in the 2018 fourth quarter to 4.52% from 4.38% in the 2017 period. The Efficiency Ratio increased to 80.8% in the 2018 period.
The Company’s effective income tax rate decreased to 15.0% in the 2018 fourth quarter period and to 19.2% for the 2018 year. Income tax expense decreased by $364,000 in 2018 fourth quarter and increased by $246,000 for the year.
Balance Sheet and Capital
Total assets at December 31, 2018 increased 9.6% to $379.3 million when compared to December 31, 2017. The increase in total assets was primarily due to a 12.4% increase in net loans over the twelve month period to $243.9 million. Total Liabilities increased 9.8% over the period. Federal Home Loan Bank Advances were the primary component of these increases with total borrowings of $31.5 million at December 31, 2018, an increase of 258.2%.
The Company’s increase in total assets were affected by a 35.2% decrease in Cash and Cash Equivalents to $16.0 million, an increase of 2.5% in Investment Securities to $97 million and an 82% increase in deferred tax assets to $796,000. The increase in total liabilities were affected by an $11 million, or 3.8% increase in total deposits, of which $73.4 million were Non-Interest Bearing and a $3.1 million reduction/payoff of Subordinated Debentures/Trust Preferred Securities.
Total loans increased to $248.6 million at December 31, 2018. Of that total $223.1 million, or 89.8%, were secured by real estate.
| REAL ESTATE SECURED LOANS | ||||||||||
| December 31, 2018 | ||||||||||
| (In Thousands) | ||||||||||
| % of Total Equity | ||||||||||
| and Loan Loss | ||||||||||
| Balances | % of Total Loans | Reserves | ||||||||
| 1-4 Family | $ | 94,399 | 37.98 | % | 187.94 | % | ||||
| Multi-Family | 9,567 | 3.85 | % | 19.05 | % | |||||
| Land & Construction | 47,587 | 19.15 | % | 94.74 | % | |||||
| Commercial Real Estate | ||||||||||
| Non-Owner Occupied | 25,447 | 10.24 | % | 50.66 | % | |||||
| Owner Occupied | 46,135 | 18.56 | % | 91.85 | % | |||||
| TOTAL REAL ESTATE | $ | 223,135 | 89.77 | % | 444.24 | % | ||||
| NON-REAL ESTATE SECURED LOANS | ||||||||||
| Commercial & Industrial | $ | 19,552 | 7.87 | % | 38.93 | % | ||||
| Consumer | 6,965 | 2.80 | % | 13.87 | % | |||||
| TOTAL COMMERCIAL & | ||||||||||
| INDUSTRIAL & CONSUMER | $ | 26,517 | 10.67 | % | 52.79 | % | ||||
| Less unearned income on loans | -1,100 | -0.44 | % | -2.19 | % | |||||
| TOTAL LOANS | $ | 248,552 | 100.00 | % | 494.85 | % | ||||
| CONSOLIDATED LOAN AND DEPOSIT BALANCES BY MARKET | ||||||||||||||
| December 31, 2018 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| Market | Deposit Balances | Loan Balances | ||||||||||||
| Tangipahoa Parish (4 offices) | $ | 228,709 | 75.8 | % | $ | 97,032 | 39.0 | % | ||||||
| St. Tammany Parish (2 offices) | 36,408 | 12.1 | % | 73,481 | 29.5 | % | ||||||||
| Jefferson Parish (1 office) | 36,440 | 12.1 | % | 75,680 | 30.3 | % | ||||||||
| Other | 0 | 0.0 | % | 2,902 | 1.2 | % | ||||||||
| Total | $ | 301,557 | 100 | % | $ | 249,095 | 100 | % | ||||||
Common Stockholders’ Equity increased by $3.4 million, or 8% to $45.6 million for the twelve months ended December 31, 2018.
Retained Earnings increased by $3.9 million to $24.8 million for the twelve month period. Other Comprehensive Income decreased by $651,000, or 3,215% from December 31, 2017 to December 31, 2018. Tangible Book value per common share increased to $16.79 as total common shares of 2,712,423 were outstanding at December 31, 2018. Of the 2,712,423 outstanding shares; 46,925 shares are restricted common shares that represent stock awards to officers and directors of the Bank and Company which are not vested as of December 31, 2018.
At the subsidiary bank level, Tier 1 Capital increased to $41.0 million at December 31, 2018.
| FPB FINANCIAL CORP. | ||||||||||||||
| CONSOLIDATED RATE & YIELD | ||||||||||||||
| For the Three Months Ended December 31, 2018 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| 2018 | 2017 | |||||||||||||
| Average | Average | |||||||||||||
| Average | Yield/ | Yield/ | ||||||||||||
| Balance | Interest | Rate | Rate | |||||||||||
| Interest-Earning Assets | ||||||||||||||
| Loans Receivable | $ | 246,576 | $ | 4,045 | 6.51 | % | 6.43 | % | ||||||
| Mortgage-Backed Securities | 18,361 | 120 | 2.59 | % | 1.81 | % | ||||||||
| Investment Securities AFS | 60,149 | 420 | 2.77 | % | 1.81 | % | ||||||||
| Investment Securities HTM | 5,309 | 30 | 2.24 | % | 2.97 | % | ||||||||
| Trading Assets | 133 | 0 | 0.00 | % | 0.00 | % | ||||||||
| State & Municipal Securities | 14,111 | 85 | 2.39 | % | 2.23 | % | ||||||||
| Federal Home Loan Bank Stock | 1,336 | 9 | 2.67 | % | 0.00 | % | ||||||||
| First National Bankers Bank Stock | 300 | 0 | 0.00 | % | 0.00 | % | ||||||||
| Interest-earning deposits | 11,189 | 32 | 1.13 | % | 0.69 | % | ||||||||
| Total Interest-Earning Assets | 357,464 | 4,741 | 5.26 | % | 4.88 | % | ||||||||
| Non-Interest Earning Assets | 27,936 | |||||||||||||
| Less Allowance for Loan Loss | -4,640 | |||||||||||||
| Total Assets | $ | 380,760 | ||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||
| Deposits | $ | 230,837 | $ | 533 | 0.92 | % | 0.65 | % | ||||||
| FHLB Advances | 26,609 | 165 | 2.46 | % | 2.41 | % | ||||||||
| Fed Funds Purchased | 0 | 0 | 0.00 | % | 0.00 | % | ||||||||
| Preferred Statutory Trust | 0 | 0 | 0.00 | % | 4.49 | % | ||||||||
| Total Interest-Bearing Liabilities | 257,446 | 698 | 1.08 | % | 0.75 | % | ||||||||
| Non-Interest Bearing Liabilities | 78,642 | |||||||||||||
| Total Liabilities | 336,088 | |||||||||||||
| Stockholders' Equity | 44,673 | |||||||||||||
| Total Liabilities and | ||||||||||||||
| Stockholders' Equity | $ | 380,761 | ||||||||||||
| Net Interest-Earning Assets | $ | 100,018 | ||||||||||||
| Net Interest Income; Average | ||||||||||||||
| Interest Rate Spread | $ | 4,043 | 4.18 | % | 4.16 | % | ||||||||
| Net Interest Margin | 4.49 | % | 4.37 | % | ||||||||||
| Average Interest-Earning Assets | ||||||||||||||
| to Average Interest-Bearing | ||||||||||||||
| Liabilities | 138.85 | % | ||||||||||||
Items affecting and contributing to the Company’s 2018 fourth quarter net income when compared to the 2017 quarterly period:
- Net Interest Income increased to $4.0 million from $3.4 million, or 17.4%
- Service charges on deposits increased to $308,000 from $251,000, or 22.5%
- Provisions for Loan Losses decreased to $125,000, or 68.8%
- The effective tax rate decreased to 15.0%
Other items and per share data of note as of December 31, 2018, compared to the twelve month period ending December 31, 2017
- Net Earnings per diluted common share increased to $1.65, or 223.5%
- Annualized Return on Average Equity increased to 10.8%
- Total Revenue (Net interest income and Non-interest income) increased to $18.7 million or 13.5%
- The Efficiency Ratio improved to 66.2%
- Total Common Stockholders’ Equity increased to $45.6 million, or 8.2%
- Cash Dividends paid to common shareholders increased to $797,000 in 2018, or a 59.5% increase
- Tangible Book Value per common share increased to $16.79
- Net Loans increased to $243.9 million or 12.4%
- Allowance for Loan Losses increased to $4.7 million, or 6.8%
- Total Assets increased by 9.6% to $379.3 million
- FHLB advances increased by 258.2% to $31.5 million
Asset Quality
Non-performing assets (NPA’s) at December 31, 2018 decreased by $142,000, or 4.5% to $3.0 million when compared to December 31, 2017 and represents 1.02% of gross loans. NPA’s at September 30, 2018 totaled $2.7 million. The decrease during the 12 month period ending December 31, 2018 in NPA’s were attributed to an increase of $481,000 in loans on nonaccrual, to $2.3 million; a decrease of $669,000 in Other Real Estate Owned (OREO), to $676,000 and a $46,000 increase in loans 90-days past due and accruing, to $65,000. The increase in NPA’s during the 3 month period ending December 31, 2018 were attributed to an increase of $59,000 in non-accrual loans and increase of 210,000 in Other Real Estate Owned (OREO) and a $23,000 increase in loans 90-days past due and accruing, to $65,000. The Company’s allowance for loan losses (ALLL) increased by 6.8% to $4.7 million at December 31, 2018 when compared to December 31, 2017. The $4.7 million in the ALLL represents 1.9% of average net loans in the 2018 fourth quarter period and 155.5% of NPA’s on December 31, 2018. At September 30, 2018 the Company’s ALLL totaled $4.6 million or 2.0% of 2018 third quarter average net loans and 169.9% of NPA’s at period end.
Net loan charge-offs for the 2018 fourth quarter totaled $60,000 (0.10% of average net loans) down from $292,000 (0.55%) of net loan charge-offs in the 2017 fourth quarter. Net loan charge-offs were $114,000 (0.20%) in the 2018 third quarter. Troubled Debt Restructured (TDR’s) through December 31, 2018 were $3.9 million, of which $1.3 million are on nonaccrual. Total TDR’s on December 31, 2017 and September 30, 2018 were $2.9 million and $3.6 million respectively.
FPB Financial Corp. is headquartered in Hammond, LA and is the parent company of Florida Parishes Bank. The Company’s common stock is traded under the “FPBF” symbol.
This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for FPB Financial Corp. and its subsidiaries. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company’s control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, among others, the following: general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, interest rate risks associated with the Company’s business and operations and the adequacy of our allowance for loan losses. Other factors include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. We undertake no obligation to update any forward-looking statements.
| FPB Financial Corp | ||||||||||||
| Selected Balances | Dec. 31, | Dec. 31, | Sept. 30, | |||||||||
| 2018 | 2017 | % | 2018 | % | ||||||||
| (Unaudited) | (Unaudited) | Change | (Unaudited) | Change | ||||||||
| Tangible Common Stockholders' Equity | 45,554,057 | 42,111,968 | 8 | 43,977,221 | 4 | |||||||
| Total Assets | 379,333,751 | 346,174,764 | 10 | 382,659,213 | (1 | ) | ||||||
| Net Loans | 243,878,144 | 217,000,626 | 12 | 238,453,186 | 2 | |||||||
| Non-Interest Bearing Deposits | 73,103,313 | 76,322,570 | (4 | ) | 84,787,867 | (14 | ) | |||||
| Non-Maturity Deposits (included in Interest and non-interest bearing Deposits) | 241,071,621 | 241,536,253 | (0 | ) | 259,790,892 | (7 | ) | |||||
| CDARs (included in Interest-Bearing deposits) | 5,190,633 | 4,380,507 | 18 | 5,167,094 | 0 | |||||||
| FHLB Advances | 31,520,000 | 8,800,000 | 258 | 19,705,000 | 60 | |||||||
| Foreclosed Assets | 210,000 | 943,500 | (78 | ) | 0 | - | ||||||
| Non-Performing Assets (includes Foreclosed Assets and Other Real Estate Owned) | 3,004,839 | 3,147,007 | (5 | ) | 2,712,553 | 10 | ||||||
| Allowance for Loan Losses | 4,673,940 | 4,376,126 | 7 | 4,608,554 | 1 | |||||||
| CONSOLIDATED STATEMENT OF EARNINGS | ||||||||||||||||||||
| For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
| Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Mortgage Loans | $ | 3,539,009 | $ | 3,334,483 | $ | 2,895,980 | $ | 13,181,906 | $ | 10,412,504 | ||||||||||
| Commercial Loans | 316,739 | 303,790 | 283,229 | 1,226,779 | 1,031,324 | |||||||||||||||
| Consumer Loans | 190,264 | 192,736 | 195,689 | 772,443 | 786,149 | |||||||||||||||
| Investment Securities and Deposits | 695,063 | 695,700 | 473,403 | 2,642,960 | 1,986,301 | |||||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 4,741,075 | 4,526,710 | 3,848,301 | 17,824,088 | 14,216,278 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 533,124 | 502,932 | 351,280 | 1,815,285 | 1,265,149 | |||||||||||||||
| Federal Home Loan Bank | ||||||||||||||||||||
| Advances and Other Borrowings | 165,323 | 101,775 | 17,172 | 417,503 | 75,841 | |||||||||||||||
| Subordinated debentures/trust | ||||||||||||||||||||
| Preferred securities | 0 | 0 | 34,892 | 36,920 | 135,098 | |||||||||||||||
| TOTAL INTEREST EXPENSE | 698,447 | 604,707 | 403,344 | 2,269,708 | 1,476,088 | |||||||||||||||
| NET INTEREST INCOME | 4,042,627 | 3,922,003 | 3,444,957 | 15,554,380 | 12,740,190 | |||||||||||||||
| Provisions for loan losses | 125,000 | 177,000 | 400,000 | 492,000 | 1,522,000 | |||||||||||||||
| NET INTEREST INCOME | ||||||||||||||||||||
| AFTER PROVISION FOR | ||||||||||||||||||||
| LOAN LOSSES | 3,917,627 | 3,745,003 | 3,044,957 | 15,062,380 | 11,218,190 | |||||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||
| Service Charges on Deposits | 307,813 | 287,861 | 251,248 | 1,215,851 | 916,487 | |||||||||||||||
| Interchange Fees | 212,734 | 205,610 | 188,701 | 806,795 | 733,596 | |||||||||||||||
| Mortgage Banking Fees | 60,349 | 100,915 | 225,776 | 441,656 | 1,239,980 | |||||||||||||||
| Loan Fees and Charges | 64,097 | 75,261 | 37,958 | 209,781 | 168,956 | |||||||||||||||
| Gain on Bank Owned Life Insurance | 44,742 | 45,898 | 47,318 | 182,439 | 184,876 | |||||||||||||||
| SBA Fee Income | 0 | (6,327 | ) | 79,234 | 75,351 | 207,846 | ||||||||||||||
| Gain/(Loss) on Trading Accounts | (9,539 | ) | 3,848 | (46 | ) | 1,580 | (8,646 | ) | ||||||||||||
| Gain/(Loss) on Sale of Investments and Foreclosed Assets | (41,839 | ) | 0 | (51,169 | ) | (114,384 | ) | (30,717 | ) | |||||||||||
| Other | 62,682 | 63,312 | 76,826 | 284,610 | 281,514 | |||||||||||||||
| TOTAL NON-INTEREST INCOME | 701,038 | 776,378 | 855,846 | 3,103,679 | 3,693,892 | |||||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||||||
| Compensation and Employee Benefits | 2,458,000 | 1,751,480 | 1,877,674 | 7,708,106 | 7,499,832 | |||||||||||||||
| Occupancy, local and state taxes and Equipment | 339,234 | 411,793 | 379,369 | 1,561,071 | 1,608,216 | |||||||||||||||
| Technology and Information Processing | 241,243 | 247,875 | 275,370 | 947,096 | 1,024,949 | |||||||||||||||
| Professional Fees | 437,864 | 69,467 | 83,401 | 632,404 | 388,942 | |||||||||||||||
| Regulatory Fees | 64,537 | 52,384 | 105,830 | 252,596 | 346,672 | |||||||||||||||
| Other | 290,576 | 286,819 | 529,866 | 1,243,247 | 1,893,017 | |||||||||||||||
| TOTAL NON-INTEREST EXPENSE | 3,831,454 | 2,819,819 | 3,251,510 | 12,344,520 | 12,761,628 | |||||||||||||||
| INCOME BEFORE INCOME TAXES | 787,212 | 1,701,562 | 649,293 | 5,821,539 | 2,150,454 | |||||||||||||||
| Income Tax Expense | 117,716 | 330,410 | 481,802 | 1,117,688 | 872,072 | |||||||||||||||
| NET INCOME | $ | 669,496 | $ | 1,371,151 | $ | 167,491 | $ | 4,703,852 | $ | 1,278,382 | ||||||||||
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||
| Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| PER COMMON SHARE DATA | |||||||||||||||||||
| Net Earnings | $ | 0.25 | $ | 0.52 | $ | 0.06 | $ | 1.77 | $ | 0.51 | |||||||||
| Diluted Net Earnings | $ | 0.23 | $ | 0.48 | $ | 0.06 | $ | 1.65 | $ | 0.51 | |||||||||
| Revenue (Net Interest Income and Non-Interest Income) | $ | 1.79 | $ | 1.77 | $ | 1.62 | $ | 7.03 | $ | 6.58 | |||||||||
| Dividends Paid | $ | 0.09 | $ | 0.075 | $ | 0.05 | $ | 0.30 | $ | 0.20 | |||||||||
| Book Value (Period End) | $ | 16.79 | $ | 16.26 | $ | 15.56 | $ | 16.79 | $ | 15.56 | |||||||||
| Book Value Adjusted Net of Other Comprehensive income (Period Ended) | $ | 17.03 | $ | 16.87 | $ | 15.56 | $ | 17.03 | $ | 15.56 | |||||||||
| RATIOS | |||||||||||||||||||
| ROA (Annualized Net Income to Average Period Assets) | 0.70 | % | 1.45 | % | 0.19 | % | 1.27 | % | 0.39 | % | |||||||||
| ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 5.95 | % | 12.40 | % | 1.57 | % | 10.85 | % | 3.23 | % | |||||||||
| Net Interest Margin (Average for the Period) | 4.49 | % | 4.43 | % | 4.31 | % | 4.48 | % | 4.27 | % | |||||||||
| Non-Interest expense less Non- Interest Income to Average Period | |||||||||||||||||||
| Total Assets (Annualized) | 3.26 | % | 2.16 | % | 2.78 | % | 2.49 | % | 2.80 | % | |||||||||
| Efficiency Ratio for the Period | 80.77 | % | 60.02 | % | 75.60 | % | 66.16 | % | 77.65 | % | |||||||||
| Net Loan Charge-Offs (Recoveries) | |||||||||||||||||||
| for the Period | $ | 59,614 | $ | 113,801 | $ | 291,774 | $ | 194,187 | $ | 486,278 | |||||||||
| to Average Period Net Loans | 0.10 | % | 0.20 | % | 0.55 | % | 0.08 | % | 0.26 | % | |||||||||
| TDR's at Period End | $ | 3,896,570 | $ | 3,572,917 | $ | 2,931,589 | $ | 3,896,570 | $ | 2,931,589 | |||||||||
| to Average Period Net Loans | 1.61 | % | 1.55 | % | 1.40 | % | 1.69 | % | 1.57 | % | |||||||||
| Non-Performing Assets | |||||||||||||||||||
| at Period End | $ | 3,004,839 | $ | 2,712,553 | $ | 3,147,007 | $ | 3,004,839 | $ | 3,147,007 | |||||||||
| to Average Period Assets | 0.79 | % | 0.72 | % | 0.92 | % | 0.81 | % | 0.97 | % | |||||||||
| Allowance for Loan Losses | |||||||||||||||||||
| at Period End | $ | 4,673,940 | $ | 4,608,554 | $ | 4,376,126 | $ | 4,673,940 | $ | 4,376,126 | |||||||||
| to Average Period Net Loans | 1.93 | % | 1.99 | % | 2.10 | % | 2.03 | % | 2.34 | % | |||||||||
| to Non-Performing Assets | |||||||||||||||||||
| at Period End | 155.50 | % | 169.90 | % | 139.06 | % | 155.50 | % | 139.06 | % | |||||||||
| CONSOLIDATED STATEMENT OF CONDITION | ||||||||||||||||||
| Dec. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||
| 2018 | 2017 | % | 2018 | % | ||||||||||||||
| (Unaudited) | (Unaudited) | Change | (Unaudited) | Change | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Cash and Cash Equivalents (including | ||||||||||||||||||
| Interest and Non-Interest Earning | ||||||||||||||||||
| Deposits) | $ | 15,991,620 | $ | 11,831,667 | 35 | $ | 20,476,937 | (22 | ) | |||||||||
| Securities - Held to Maturity | 4,991,343 | 5,405,894 | (8 | ) | 5,374,285 | (7 | ) | |||||||||||
| Securities - Available for Sale | 92,000,385 | 89,217,057 | 3 | 95,601,806 | (4 | ) | ||||||||||||
| Trading Securities | 126,759 | 125,179 | 1 | 136,298 | (7 | ) | ||||||||||||
| Bank Owned Life Insurance | 7,286,889 | 7,104,450 | 3 | 7,242,147 | 1 | |||||||||||||
| Net Loans | 243,878,144 | 217,000,626 | 12 | 238,453,186 | 2 | |||||||||||||
| Accrued Interest Receivable | 1,540,205 | 1,362,179 | 13 | 1,615,192 | (5 | ) | ||||||||||||
| Premises and Equipment, Net | 10,988,120 | 11,472,614 | (4 | ) | 11,115,643 | (1 | ) | |||||||||||
| Foreclosed Assets | 210,000 | 943,500 | (78 | ) | 0 | - | ||||||||||||
| Deferred Tax Assets | 796,132 | 436,753 | 82 | 838,949 | (5 | ) | ||||||||||||
| Other Assets | 1,524,154 | 1,274,844 | 20 | 1,804,770 | (16 | ) | ||||||||||||
| TOTAL ASSETS | $ | 379,333,751 | $ | 346,174,763 | 10 | $ | 382,659,213 | (1 | ) | |||||||||
| LIABILITIES | ||||||||||||||||||
| Deposits | $ | 301,557,022 | $ | 290,562,949 | 4 | $ | 317,718,641 | (5 | ) | |||||||||
| Federal Home Loan Bank Advances | 31,520,000 | 8,800,000 | 258 | 19,705,000 | 60 | |||||||||||||
| Subordinated debentures/trust | ||||||||||||||||||
| Preferred securities | 0 | 3,093,000 | (100 | ) | 0 | 0 | ||||||||||||
| Other Liabilities | 702,672 | 1,606,846 | (56 | ) | 1,258,351 | (44 | ) | |||||||||||
| TOTAL LIABILITIES | $ | 333,779,694 | $ | 304,062,795 | 10 | $ | 338,681,992 | (1 | ) | |||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||||||
| Common Stock | $ | 26,655 | $ | 14,192 | 88 | $ | 26,548 | 0 | ||||||||||
| Capital Surplus | 22,225,282 | 22,075,469 | 1 | 22,083,327 | 1 | |||||||||||||
| Unearned MRP Stock | (830,820 | ) | (900,820 | ) | 8 | (867,443 | ) | 4 | ||||||||||
| Retained Earnings | 24,804,616 | 20,943,392 | 18 | 24,374,431 | 2 | |||||||||||||
| Other Comprehensive Income (Loss) | (671,675 | ) | (20,264 | ) | (3215 | ) | (1,639,642 | ) | 59 | |||||||||
| Total Stockholders' Equity | 45,554,057 | 42,111,969 | 8 | 43,977,221 | 4 | |||||||||||||
| TOTAL LIABILITIES AND | ||||||||||||||||||
| STOCKHOLDERS' EQUITY | $ | 379,333,751 | $ | 346,174,764 | 10 | % | $ | 382,659,213 | (1 | %) | ||||||||
Fritz W. Anderson II, CEO and Chairman of the Board, announced today that, “On January 10, 2019, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.09 per share will be paid on February 25, 2019 to stockholders of record at the close of business on February 11, 2019.”
For More Information Contact:
Fritz W. Anderson, II
Chief Executive Officer,
and Chairman, FPB Financial Corp.
Chairman, Florida Parishes Bank
(985) 345-1880
Ronnie Fugarino
President, FPB Financial Corp.
Chief Executive Officer, Florida Parishes Bank
(985) 345-1880
Albert Kelleher
President, Florida Parishes Bank
(985) 345-1880
Derek Shants
Chief Financial Officer
and Chief Operations Officer,
FPB Financial Corp. and Florida Parishes Bank
(985) 345-1880